After the Fed passed on raising rates at their meeting in September, the market’s expectations for a rate hike by December have climbed to over 50%. Slok, Golub and Adams agreed expectations of a 25 basis point rate hike are largely priced into the markets, but Slok explained the lower-for-longer rate environment reflects a Fed that has been too optimistic for too many years.

The Federal Reserve once again pushed back plans to raise interest rates on Wednesday, a widely expected move following a series of mixed economic reports and varied signals from Fed officials. After its two-day policy meeting, the Federal Open Market Committee voted to hold the federal funds rate between 0.25% and 0.50%, citing progress in economic and labor market growth and an improving risk outlook. “The Committee judges that the case for an increase in the federal funds rate has strengthened but decided, for the time being, to wait for further evidence of continued progress toward its objectives,” the central bank wrote in its statement.

The Federal Reserve once again left interest rates unchanged Wednesday, following its two-day policy meeting, citing an improving labor market and progress in economic growth. The widely expected move comes amid mixed economic reports and after Fed officials agreed that it was “prudent to wait” for more data on the consequences of Britain’s June 23rd decision to leave the European Union.